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LandBridge cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$49.0M in Q3 2026 · $167M over twelve months

Operating cash flow$49.6M
Capital spending−$577K
Free cash flow+$49.0M
Cash / net income1.5×

Analysis

In Q3 2026, LandBridge generated $49.6M of operating cash flow and spent $577K on capital projects, leaving free cash flow of $49.0M. That is $15.3M more than in Q3 2025 ($33.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $170M; the largest uses were acquisitions ($489M), dividends ($61.7M), other financing ($15.5M); besides operations, cash came from net borrowing (+) / repaid (−) ($395M), asset & business sales ($55K); the cash balance fell by $11.5M.

Operating cash flow was $49.6M against net income of $34.0M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$13.5M, receivables −$12.6M, stock-based pay +$9.1M.

Free cash flow

LandBridge: free cash flow by quarterLandBridge: free cash flow by quarter$26.7MQ4 2024$15.8MQ1 2025$36.1MQ2 2025$33.7MQ3 2025$36.4MQ4 2025$40.9MQ1 2026$40.2MQ2 2026$49.0MQ3 2026
Operating cash flow less capital spending.
LandBridge: operating cash flow against capital spendingLandBridge: operating cash flow against capital spendingOperating cash flowCapital spending$26.9M$224KQ4 2024$15.9M$69KQ1 2025$37.3M$1.2MQ2 2025$34.9M$1.2MQ3 2025$38.1M$1.7MQ4 2025$41.1M$180KQ1 2026$41.4M$1.1MQ2 2026$49.6M$577KQ3 2026
Latest (Q3 2026): Operating cash flow $49.6M, Capital spending $577K.

Capital allocation, year by year

LandBridge: where the cash came from (up) and went (down), by fiscal yearLandBridge: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2023: Operating cash flow $53.0MFY2023: Net borrowing $107MFY2023: Asset sales $11KFY2023: Capital spending −$2.8MFY2023: Dividends −$105M$160MFY2023FY2024: Operating cash flow $67.6MFY2024: Net borrowing $557MFY2024: Shares issued $278MFY2024: Capital spending −$985KFY2024: Acquisitions −$723MFY2024: Dividends −$178M$903MFY2024FY2025: Operating cash flow $126MFY2025: Net borrowing $184MFY2025: Asset sales $210KFY2025: Capital spending −$4.2MFY2025: Acquisitions −$229MFY2025: Dividends −$63.7M$311MFY2025
Over these 3 years operating cash flow totalled $247M; the largest uses were acquisitions ($952M) and dividends ($347M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$16.8M
Debt$571M
Net debt$554M
Due within a year$692K

LandBridge funds itself: free cash flow was $167M over the last twelve months, and $16.8M of cash and investments stands against $571M of debt ($692K due within a year, 24.2× covered by cash).

LandBridge: debt maturities by year (FY2025)LandBridge: debt maturities by year (FY2025)$692KYear 1$20KYear 2$14KYear 3$570MYear 5
Principal due in each year as disclosed in the annual report, against $16.8M of cash and investments now.

Where the cash came from and went

LandBridge: sources (+) and uses (−) of cash, Q3 2026LandBridge: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$267MNet borrowing (+) / repaid (−)$220MOperating cash flow$49.6MCash drawn (+) / kept (−)$23.0MDividends−$17.4MOther financing−$7.6MCapital spending−$577K
LandBridge: sources (+) and uses (−) of cash, TTM to Q3 2026LandBridge: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$489MNet borrowing (+) / repaid (−)$395MOperating cash flow$170MDividends−$61.7MOther financing−$15.5MCash drawn (+) / kept (−)$11.5MTaxes on employees’ shares−$6.6MCapital spending−$3.6MAsset & business sales$55K

From profit to cash

LandBridge: net income to operating cash flow, Q3 2026LandBridge: net income to operating cash flow, Q3 2026Net income$34.0MDepreciation & amortization$4.6MStock-based pay$9.1MDeferred taxes$1.8MOther non-cash$62KReceivables−$12.6MPayables$7KAccrued liabilities$13.5MPrepaid and other assets−$1.8MIncome taxes payable$1.4MOperating cash flow$49.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$49.6M−$577K−$267M−$17.4M$220M$23.0M$49.0M
Q2 2026$41.4M−$1.1M−$10.2M−$18.6M−$243K−$10.1M$40.2M
Q1 2026$41.1M−$180K−$2.0M−$14.7M−$25.2M$1.1M$40.9M
Q4 2025$38.1M−$1.7M−$210M−$10.9M$201M−$2.4M$36.4M
Q3 2025$34.9M−$1.2M−$5K−$14.8M−$10.1M−$8.0M$33.7M
Q2 2025$37.3M−$1.2M−$944K−$24.4M−$5.1M−$5.4M$36.1M
Q1 2025$15.9M−$69K−$17.8M−$13.6M−$5.9M$22.1M$15.8M
Q4 2024$26.9M−$224K—−$7.4M$104M−$22.6M$26.7M

LandBridge: income statement and cash flow

LandBridge, Q3 2026: revenue $70.9M (+40% year over year), operating margin 68.1%. The chart follows the revenue to costs, profit and cash.

LandBridge: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.